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Does anyone have any experience of what MBNA do with accrued cashback when you close the account? The T&Cs (under A13) state “If your account is closed, cashback earned before closure will be credited to your account.” but it makes no mention as to when…does it still credit the following January as normal?
Just closed one as I’m consolidating things, and ideally don’t want to have to keep track of a closed account for 8/9 months 🙃
It was my understanding that the cashback was forfeited, but that was from the t&cs when I first received the card and considered closing it.
I’m glad I didn’t as I use it most when away, and maybe the terms changed, and yes I would expect in Jan.
You could message them in the app to check when it’s paid.It was my understanding that the cashback was forfeited, but that was from the t&cs when I first received the card and considered closing it.
I’m glad I didn’t as I use it most when away, and maybe the terms changed, and yes I would expect in Jan.
You could message them in the app to check when it’s paid.Thanks for the reply, I had a look at the terms for my card, and even in the app “Cashback FAQs”, which state “If you close your account, any cashback you’ve earned before it’s closed will be credited to your credit card account”, which seems pretty clear cut, but I was wondering if anyone had any anecdotal experience.
I suppose I’m just skeptical, they *should* do what they say they will, but after the Creation debacle, we know this isn’t always as clear as we think.
Agree with you that normally forfeit would be my assumption, unless specifically noted otherwise, though.
It’s good to consolidate, but why that particular card?
0.5% rebate is about as good as it gets, and if you’ve got the right variety of Horizon card you’ll have FX free transactions at MasterCard rate worldwide.
There’s also the “Everyday Offers” which are reasonably decent. If you’ve had that card for a while, it’ll be one of the pillars of your long term credit history too.
I have culled many cards – but the MBNA is a keeper!
A ridiculously high card limit, so great for car hire where they want £2,000 to cover excesses and then take weeks to clear the hold. If you are travelling for a month or so then £6k can be tied up from three car rentals!
The other keeper is my Aqua card – ridiculously low credit limit! FX free, a small amount of chashback and ideal for shops, bars restaurants. If I get mugged, lose it or it gets cloned – who cares!
I see both of your points! They’re both Horizon Visas with 0.5% back and no fees on anything. But I have two of exactly the same card, both with £15k limits. I’ve also got a lot of forex free cards, my income is in AUD so using a forex free AUD card is usually a priority (followed by a USD card, purely because of the points multipliers on spend on those specific cards, for e.g. on travel, transit, restaurant spend).
As for the Everyday Offers/Smart Cashback or whatever it is, I’ve never once had anything of interest pop up unfortunately (that’s not limited to this card though!).
Unrelated, but I had the Aqua years ago when it paid 3% cashback, the limit was awful but it was golden for that reason! Don’t remember cancelling it, but I must have!
Ok so update for anyone who cares – cashback is credited within a day of closure. Now it’s all done and dusted, for full disclosure, I was given 65 days notice of my accounts being closed, so jumped before being pushed – with one immediately, and the second a week or so ago.
Not sure if it was the level of spend or the fact I’m holding a very high level of unsecured debt at the moment (I was offered a lot of 0% no fee deals, totalling close to six figures, at the end of last year, and it’s all earning >5%).
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